Estonian Cryptocurrency Exchange License

The cryptocurrencies are continuing to develop and new crypto businesses are starting up daily everywhere. Very popular business and key component seems to be a cryptocurrency exchange, especially as some countries are banning or have already banned the business model, which gives opportunities for the newcomers.

Estonia is known as a digital nation with simple company setup procedures and favorable taxation, there are a lot of inquiries about setting up a crypto currency exchange (among with other crypto related businesses) in Estonia. Estonia is also one of the few countries that have a specific license issued for cryptocurrency exchanges. This means there are no uncertainties regarding the business model.

Requirements

To get the license, all involved people must have clean police record. Additionally, the description of the KYC/AML procedures and internal audit procedures of the company has to be submitted together with the application.

Along with an application for Cryptocurrency exchange license, the following documents and information will be required:

internal control rules of the company

internal procedure rules of the company

company's webpage address

name and contact details of the person in charge of provision of services

information on the compliance officer designated for the prevention of money laundering and terrorist financing

information on the person who is in charge of the imposition of the international financial sanction and who has been appointed by the undertaking in accordance with Estonian legislation

certificate of criminal records of a beneficial owner

Time frame

Once the application is submitted, you will receive an answer within 30 days.